Manhattan Rental Vacancy Drops Below 1%

Citi Habitats, our sister company and largest rental firm in Manhattan has just released a report that shows that as of May, there are now fewer than 1 in every 100 apartments available to rent.  In the West Village,  a hot spot for rentals and sales alike, there is only 0.33% availability, or 1 in 300 apartments is empty.  They are going like hotcakes and most worth renting are off the market within a few days.

Best advice – BE PREPARED TO RENT (PAPERWORK AND CASH AVAILABLE) THE DAY YOU GO OUT.  Nobody is going to force you to rent a place, but should you find the right one, have your paperwork ready and enough money in the bank for at least 2 month’s rent (1st month’s and security).  Find a place you’d be happy to call home?  Tell your broker and get that app moving.